EARNINGS FOR FINANCIAL PLANNERS RISE IN 2005: Earnings for financial planners have risen 27 percent from their 2004 levels, according to a survey conducted by the College for Financial Planning in conjunction with the Financial Planning Association. Its 2005 Survey of Trends in the Financial Planning Industry showed that the median gross amount of planner earnings climbed to $277,800 in 2005.The majority of CFP professionals surveyed (56 percent) also reported that their income is the result of a combination of fees for service and commissions, while only 34 percent reported that their income is the result of fee-only services. When asked about clients' net worth, planners reported the continuation of a trend from previous years, with a 33 percent increase - to $1 million - over last year's reported amount of $750,000. In other findings regarding the financial planning market, 67.3 percent of planners participating in the survey prepared between one and 19 single-focus plans, while 62.7 percent prepared up to 19 comprehensive plans.
CFA ANNOUNCES JUNE EXAM RESULTS: The CFA Institute said that 48 percent of the 58,907 worldwide candidates passed the Chartered Financial Analyst exam over the month of June. To earn the CFA charter, candidates must sequentially pass three six-hour exams. Of the 11,102 individuals who in June 2005 took the third and final exam that earns the CFA designation, 6,083 or 55 percent passed.
The CFA Institute said that those who passed the Level III exam will begin receiving their CFA charters in early October, provided that they also have completed the minimum work-experience requirement of three years (which will expand to four years after 2005) in the investment industry, and signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.
The CFA exams cover ethical and professional standards, securities analysis and valuation, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement.
PAYCHEX UNVEILS PREMIER SERVICE: Payroll and benefits services provider Paychex Inc. has launched an outsourcing product that bundles payroll, health account and 401(k) services.
The company's Paychex Premier package provides a package of products combining Paychex Administrative Services - the company's inaugural comprehensive payroll and human resources services product - with its 401(k) plan recordkeeping and flexible spending account products.
Paychex Premier pairs businesses with a specially trained HR representative who works on site, in partnership with a company's HR staff. The Paychex HR representative can provide support for functions such as employment and exit interviews, the development of an employee handbook, and on-site enrollment meetings for retirement or Section 125 plan participants.
For more information regarding Paychex Premier Human Resources, go to www.paychex.com/products/premier.html.
ONE THIRD OF ADULTS DELAYING RETIREMENT PLANS: A survey by Fidelity Investments found that one-third of working adults are delaying their retirement plans due to financial reasons.
Fidelity's national survey of workers age 25 and older found that individuals had different reasons for pushing back their retirement timetable, with 55 percent saying that they had not saved enough, 35 percent saying that they had started saving too late and 34 percent noting that they are continuing to work to maintain their employer-paid health coverage.
The results also revealed that reasons for delaying retirement varied across both marital status and gender, since those delaying retirement were more often single than married and more likely to be male than female. Age was also a factor, with younger adults (between 25 and 40) more likely to cite a need to pay for a child's college education as hindering their plans to retire, while pre-retirees (age 55 or older) were more inclined to report their delay as due to poor investment choices and market fluctuations.
The findings were based on a national online survey of more than 1,900 working Americans who reported at least $20,000 in household income.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access